-As the rental market has exploded giving renters a host of options to choose from, increasing tenant retention has become an essential goal for multi-family property owners. The property management Paso Robles experts at Professional Property Management have released a comprehensive new report to educate property owners on how to keep tenants happy and boost their lease renewals. To view the report, click here or see below:

Top Four Ways to Skyrocket Tenant Retention

Professional Property Management has compiled a comprehensive and proven list of retention strategies that leading property owners are using with measurable results.

1) Offer Pre-Payment Bonuses - Leading property owners offer a prepayment incentive for tenants that are able to pay their rent in advance. This is generally a monetary bonus that is no more than 3-percent of the rent prepayment. For loyal and consistent renters, offering an on-time payment gift or acknowledgement can also go a long way in increasing the likelihood that they will renew their lease.

2) Provide Reserved Parking - In many cases, multi-family residences come with a first come, first serve parking arrangement. Restructuring the parking lot and either offering reserved parking for a nominal fee or giving parking spots per unit can also be an effective way to improve the living experience for tenants. Professional Property Management in their report suggests surveying current tenants and ask for additional ways they would like to see the living community improved.

3) Spruce Up Common Areas - Property management Paso Robles specialists cite an increase in tenant retention to having access to common areas. Putting an outdoor grill or upgrading an outdoor seating area or an indoor lounge can help draw current and new tenants in. The cost in installing and maintaining these areas is minimal in comparison to the cost of having to find new tenants when former tenants choose not to renew their leases. Establishing clear rules for common area use may be necessary to ensure that these areas are kept clean and not used for unintended purposes.

4) Host a Community Event - The report cites an importance in building a welcoming living environment. The more connected tenants feel with one another and the property management Paso Robles team, the more likely they are to renew their lease. Organizing an annual event for tenants can be a great way to help establish these important relationships. Professional Property Management also recommends leveraging pictures during these events to share on social media to attract prospective renters.

This month's report is the latest in a series of informative reports released by Professional Property Management. As Paso Robles property management specialists, Professional Property Management offers a suite of full-service property management options for property owners, large and small. Specializing in the greater San Luis Obispo area, clients can rest assured that seasoned professionals manage their property with expertise in growing renter retention rates and lowering operating costs. For a complimentary consultation, contact the property management Paso Robles consultants.